The S&P 500 index fell for the second day in a row as its top five components, all mega-cap tech stocks, were all in the red ranging from 0.65%-2.2%.
After an indecisive premarket session, the index was able to defend Monday’s low off the opening bell. However, the bears slammed the index well beyond that level just after 11:00 AM EST for no apparent reason.
The index found support in between a pair of lows from last week at 3941.25 and trimmed its losses into the close. For the session, the index declined by 8.25 handles to close at 3962.
JP Morgan Chase & Co. (NYSE: JPM) went the opposite way of the index and was the biggest winner of the top components. For the session, the issue gained $2.21 or 1.64% to close at $136.56.
That was much better than the cash index’s decline of 0.16%.
Potential problems from supply chains in China coupled with constant badgering from Elon Musk made Apple Inc. (NASDAQ: AAPL) the biggest loser of the top components. For the session, the issue declined by $3.05 or 2.1% to close at $141.17.
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